Becoming a digitalisation partner
As more businesses undergo digital transformation, treasuries need to get involved, or they risk becoming passengers on the journey. In 2018, Volvo announced its plans to move from being purely a carmaker to a consumer services provider. “We’re in the process of changing our business model from being purely a B2B provider to having more direct B2C interactions with end consumers. That means a lot of things need to change within the company, and of course it also impacts the treasury,” explains Mosséen.
“As the treasury, we want to be involved in that transformation—we have to be. And it’s not just about policing change or telling the business what things it can’t do, or guarding our old ways and policies. We have to be agile. We need to proactively drive change, give back to the business and add value.”
Of course, being actively involved with digitalisation takes time—something treasurers are often in short supply of. “To improve efficiency, you need to be more of a treasury generalist. If you go out to a business unit, you should be able to answer questions on everything from FX to cash management—rather than having to send three or four people to each meeting,” Mosséen says.
“Another way of freeing up time is outsourcing rule-based activities to a finance operations shared service centre,” she adds. “This means treasurers can focus on value-adding activities and new challenges.”